YouSaid · the spoken record

Hans Tung

lines on the record: 31
first: 2021-09-20
most recent: 2021-09-20
sittings or episodes: 1
sources: podcast

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“Many more new businesses and new solutions getting rolled out over the next five to ten years that it will have volatility, but the impact technology can make global basis across multiple sectors is unparalleled. You will see regulation. You will see some pushback because tech does not benefit all. It's more concentrated than almost any form of innovation we have seen before. So that needs to be dealt with. But overall, for the next decade, it's going to be amazingly interesting. And I just feel very fortunate that you and I and others are in this to be able to witness and also make impact.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“There's several of them, whether it is something like a joker or ADDI. Both of them have 10 footprint earlier this year Fubana and the Snappy. The Snappy is a global company in New York with presence in Israel and serving customers in the US so that we actually go global. And then seeing what we're doing in India with Rupeek and with Vedantu and cutup book and Udon. They're just enturlement. There's just a lot of stuff going on. And I'm just telling you companies in two geographies. Now I'm talking about what's happened in the US with companies like David Home riding the pro tag wave and continue to do well or K-health that's taking advantage of the need for data to deliver better healthcare services. There's just a lot of stuff going on. I think the thing I'm going to leave with is that our economy is gaining digitized. Digital economy was a concept that was discussed back in the 90s but through COVID you really see that happening. Every aspect of our economy, every sector is touched by mobile technology in some way or another. You're coming to the industry at precisely the right time. You're going to be so”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Surprisingly, because you spent so much time, again, 10,000 hours thinking about it and getting ready for it and so forth, if I take another raw data and all the analysis and the data points and we spend time thinking about it and take walks on it, usually the inner voice emerges and it helps me to navigate and I can quickly figure out what are the two things that need to grab my hat on and say here's the two things I need to believe in to make this work and therefore I should do it or not. And it just come with practice. So I haven't had a decision where I feel like I'm completely lost over the last decade. I will miss things, but nothing that would get me to feel like, oh my God, you know, it's too late for me. I got to just retire. When that happens, that's exactly what I should. Every great athlete, you can't do anything forever. So you got to know when to quit. But right now, it seems like we are. There's so much more we can do and it has been exciting.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Them lightly, but I made them quickly and efficiently together with the health of my colleagues. And I think as collectively it has served us well to be able to navigate some of the volatility we're seeing in this current market. Being global is not easy. It's hard work. The quality of life is definitely not as good as someone who just do something only locally. But the intellectual and hopefully rewards that come from that for our LPs and our other colleagues will be totally worth it.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Only going to be a few moments in life, two or three times, where the decision you make makes a huge impact not only to yourself, but also the people around you once you love. Gotta make those decisions extremely carefully find a place of quietness. Talk to many people if you need to. After you get all the data points, try to sleep on it and get up early and just really walk and think through be by yourself and then solitude and quietness help you to get developed intuitive sense of where you should be going and you make those decisions well will make a huge difference. In 2005, I made that decision to move from Silicon Valley to China, right away with the rise of consumer internet in China. In 2013, I made a hard decision to uproot my family to move back to Silicon Valley and other investments you should mention on this podcast. And three years ago made a decision that we're going to invest more in La Ten in India in addition to our roots in Singapore and Southeast Asia. All of those decisions, I did not make”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“We're living constantly evolving state of industry. So how do we be global, multistage, and build that togetherness as a single team, single organization across these different stages and geographies and cultures is not easy. I knew early that multiculturalism is a celebrated value, but very hard to realize its efficiency. It's the hardest thing to overcome is cultural differences. So if we can build an organization that can overcome that and succeed at that, it's a strong barrier to entry and also make us more unique. And over time, hopefully, generate superior returns because we can take advantage of the data points and insights we're seeing on a global basis and utilize that well internally. So building a culture of sharing and collaboration, especially across cultures, across stages is not easy, but I love, enjoy working with my colleagues like Jeff Richards, Leglyn Solomon, like Jen Holmstrom in doing that.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there are two. One from the West is Malcolm Glowell's outliers. And his 10,000 hour rule makes a lot of sense to me as someone who's constantly finding ways to improve ourselves. And it also makes you realize that”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“I am not a most talkative in board meetings. I always believe that in each board meeting, for each person, making that one or two or most three impactful comments is important because management is presenting a lot of facts and a lot of data and a lot of analysis. How to go through all that and figure out what are the most important things to work on? Because you give someone 10 things they need to work on. They're not going to do most of them. You tell someone there's one or two things you got to really think about. They remember it. So just figuring out how to be impactful without being nosy and being noisy is extremely important because we have so many signals in our lives everywhere and how to sift through that noise and focus on two things or three things at most that really matter is extremely important. If people just do one thing right at every board meeting and get that done and executed over time you're going to be able to do a lot already. So how to be impactful and how to focus and prioritize is key.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Worry about what you just miss and what you just fail. And this is the same mentality for many of the championship teams, whether it's in the field of soccer or American football or basketball or baseball. The championship teams that can build dynasties, keep on looking forward, learn from the past, but they're not as slaves to it. And not much will make the job so interesting.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Brian, his career. I mean, what happened with him in Denver still is troubling, but after his death, you see the impact and the response from so many basketball players, athletes even outside basketball company called Kobe's Mumba mentality and makes them hungry to be the best version of themselves. And there's similarity between mamba mentality and Kaizen, even though it's from seems like Japan and NBA seems far away from each other. And that constant willingness to improve yourself is how I deal with some of my past failures or past misses and continue to focus on what's going to come up next. Because you look at where the internet world was back in 93 when NASCA launched to where it is today and you start to see that as long as the penetration of services on the internet of any particular category is still relatively small in single digit. The room for growth expansion is a lot. So you have that overall macro picture of more things that could still be coming, existing things that can get bigger. You cannot get too”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, that's another great question. It will all creature of habits and we are formed by our most medium experiences. How not to have that effect when thinks about things is extremely important. And I like to read a lot of history books or biographies. I like to read it from the field of sports, from national histories, and some of those lessons helped me to stay as grounded as possible and be able to have as a clinical mind when it comes to choosing which sector and which founder, which team to bet on. I like the Japanese saying of Kaizen, which is a relentless pursuit to improve oneself and that lead to lean manufacturing and other concepts that became popular in the 70s and 80s out of Japan. And you see that constant need for iterations on making things continue to generate more value for the customers you're serving in the field of sports reading and tracking, for example, a Kobi.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Student of history, I love studying patterns and I love studying how things shift, but sometimes even in the process of doing that, I still need to remember that it's still a history-driven business and I missed something early. It's okay. Gotta go back through it and re-engage.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“If I look at some of the misses we had, I did not invest in China. I did not invest in DoorDash. And DoorDash is a public trader company. Tony has done extremely well since they found that working with a fast food chain restaurant made a huge difference for them and make the address market even bigger. It's not working with the niche high-end specialty restaurant, but for the mass market. And China, I was impressed with the founders, their marketing ability, their marketing insight. Wasn't sure if the tech is as differentiated by them being nimble and going after the mass market, they have done well. And both of them fit my own thesis of investing mass markets. So when I miss that, it just makes me think even harder about being a multi-stage investor. If you somehow miss them early, wasn't that sure if they could make it once they reach that inflection point? When should they have a development new nugget of truth, I should be more aggressive or encourage my partners and I to be more aggressive to go back in investing them. Sometimes even as a”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Even after they go public, we may say, Hey, this is very special. The market is much bigger than public market realize it, then we should invest from a later fund, a newer fund, double down into that before LPs have a lot of worry about cross-fund investments. You've seen that increasingly more often these days than before. Because when you've been with a company for a long period of time and you know the market, you know the sector, you have that familiarity, it's easier to have the conviction that it will do well. Because as you know, any company go public is facing a new set of investors. Those public investors don't care how much money this company has made for the early stage investor. They only care at the time of their own entry how much more growth is ahead. So it takes time to build up familiarity with the new set of investors. This is where for someone like us with been around for a long time, selectively we will consider double down ones we think have much bigger upside.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“We talked through that quite a bit. We are, for the most part, have a strong DNA being a private investor. So even when we do make public investments, it's something that we have to develop a lot of comfort in that we know the sector and know the peer group extremely well before making those investments. And therefore, once our company go public, instead of trying to figure out which one's likely to be the next square and next Zindesk and continue to or Airbnb and come into the rise, we have sort of adopt approach of being willing to exit evenly quarter by quarter a finite amount between five to ten percent and do that over a three to four year period so that we're not trying to time the market and give company plenty of time to be able to prove themselves as a public trader company. And the amount can vary from quarter to quarter. We want to work with the company on that. But I think that for any portfolio, you will be with a company four years after IPO is showing quite a bit of commitment already. And at the same time, and there are going to be companies that if we spend enough time with them,”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“At the same time for sectoral founder that I know extremely well, what will be very willing to invest early and grow with them? So it's a choice you have to constantly make. There's no right and wrong answer. There's no always a clear-cut answer. But it comes with experience.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. That's a great question. Again, the level of questions have gone a lot more sophisticated over the last five years. So kudos to you. We constantly, almost every week, talk about is this sector at the pointing time of its trajectory that's at inflection point or what rise the fastest over the next few years? Therefore, now is the right time. Again, this is why investing in multistage is much better to investing in single stage because you get to see and choose, okay, I love the sector, I live this founder, but it's just a bit too early. Or they're at a tough spot. We should come back to it later when we see that it can grow fast again. So spending time talking about that, we don't want to time the market. The reality is that AUM is always going to be limited. So you have to make those asset allocation decisions based on how fast you perceive this sector is going to grow in the next few years and decide what you come into that company today. And, you know, Paletam, those invest early, you know, the fixel, invest early for Tiger. It's been tremendous run for them. But the first two, three years, it was.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Grow with them, you get more data points. Perfect example of that is Square. We in Blend Investing Square at about $800 million valuation. And then when a company went public, the valuation for the first two years was not great. But thereafter, they really fund the right market fit and find the right engine scale and square capital grew that changed people's perception of what Square does. And today it's over $100 billion in market cap. So even the best companies in the world have their ups and downs. So if you don't know the sector well or you don't have that conviction from looking at stuff globally to see something that potentially can work, it's much harder to have that conviction to stay with a company for the long haul. No matter what, valuations short term will look scary and sometimes short term we will be proven wrong for investing at high valuation, but the right ones will still end up doing extremely well in the long run. This game is about stock picking and also about a sector penetration. The penetration is low enough but growing. Over time it will afford you to build a much bigger company as penetration of any particular”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Anytime we look at the new market, initially it will be something that needs to be proven out so people are cautious. And once we reach a reflection point where people think, oh, this could be the next big thing, then short term, a lot more capital rush in and the valuation blows up. And then it has to work through self-out over the next three to five years for some bus to happen. And then market needs continue to grow in order to justify that kind of valuation for that valuation to make sense. We have seen that movie played a few times already, whether it's Southeast Asia or China outside of the US. And I remember some of the early Chinese tech companies when they come to US for listing the famous phrase is that this is the X of China. This is the Y of China. This is the Z of China. Therefore, these service valuation. And many of them didn't work out, but they feel that survive and do well end up thriving. Again, it sounds trite, but stock picking is a very important skill set, even with a rising time. So figuring out which one are likely to do well, having a multi-stage approach help. By investing early with them,”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“In one country, the knowledge from rice sharing or food delivery or ed tech can be shared with multiple companies because they're all kind of riding on the same tide. And a lot of them enjoy swapping notes with each other and we help to facilitate that. So that's one way of making up for the fact that we now have the largest AUM in the world. We're not going to have the largest operating team in the world, but we have enough of everything so that we can facilitate more of the sharing amongst funders themselves so that we can write the right trends together. So that's our answer to that. And so far it seems to have been working well for us.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that tiger hasn't decided to build up a portfolio services team yet. You see Kotu in the early stage of that. So it's interesting to see who decided to adopt more of a variation of the DRISON model to have a large operating team. You talk to find folks at Andreesen. They're not trying to go global. They do mostly in primary US and they will dabble here and there, but primarily focus on the US market because it's operational heavy to scale the model. So I always wonder, since 2013, is there somewhere in between where we have provided most essential services on platform on a more global basis allow us to invest a large enough AUM that's growing to invest globally as the preferred partner to share what we've seen on a global basis? And is that the happy medium that we think could work? And this is why you see us expanding into Latin, expanding into India, going back to our roots in Southeast Asia, investing in more geographies than before with the larger AUN, and many of the companies did these geographies are falling into a similar thesis. So if we're helping somebody”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“This is something I haven't shared in public before. I remember joining TGB in 2013, having discussion with Glenn Jeff and my other partners, Jishin and Jenny, at that time. And one of the things I mentioned is that, you know, Sequoia has been an amazing VC, their track recorder over the last 20 years is incredible. But I mentioned that I think back in 2013, the model to look at will end up being something what tiger global is building because it's multi-stage and it is a”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. In fact, we end up investing both Peloton and a firm because of that. When we are talking to Peloton, we know of a firm and when we're interested to see who Peloton works with in order to have that payment plan because we know that will make it more affordable. And knowing Max and a firm, we felt that Paletam made the right choice of a partner that we're working with. And so we ended up investing in a firm as well. And I think the only other fund that did that was Max at Wellington. So both of us, we only want to invest in both companies. And so if you're betting on the trend, you want to bet on multiple players that are somehow working together form an ecosystem to grow together. And again, that's the fun part of this job. Yeah, you have a chance to analyze the sector from top down and bottom up to see how this could evolve and end up making multiple best on the same trend. It makes it easier to build that conviction.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Rate times 12, this is all the cost of a gym membership. So you have to decide, you think that enough people out there would say instead of gym membership, I'm not going to use that often, I'm going to use this with the best instructors in Orwolva, and I'm going to do it from comfort of my home and I'm so busy with my life, I don't want to spend time going to the gym and waste time in travel. Sure, I may lose out of social interaction I have with my friends at the gym, but at the same time, I'm going to use a lot more and I'm going to have new relationship online that's digital. So if you believe that's the case, that's the only key thing you have to bet on whether it's become big or not. If you believe that there's a substitution of gym membership and enlarging the pie. And you can argue for those that miss Uber or anything in drive sharing. It's a car ownership substitution, not just a substitution of taxi services. Then the pipe becomes a lot bigger and the penetration still seems low enough that getting a billion still works. So it's a long-winded answer saying that you have to analyze the industry well and to have a sense of is there a kernel of truth you can hang your head on and as a consumer investor”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“You were talking some of the investors not investor states, even later states than we do. Some of the most famous examples, for example, the people who invest in Facebook, after it become a multi-billion dollar invaluation. And you've asked them what they thought based on their analysis at the time of investment. They thought what they would do 3 to 5x as well. Ends up being over trillion dollars in outcome if they keep on holding it for the last 10 years. So even in analysis that you do, it's hard to predict anything beyond 3 to 5x in the growth stage. So you have to pick ones that has a special possibility for a lot more. For example, go back to taking the example of Peloton. One of the things we learned through due diligence was that the plan that you're on to enjoy Peloton and Peloton Digital, which came afterwards, is that it's about $97 a month to enjoy the payment program they have with after pay plus the subscription to the classes. And you have two people sharing it and you better have sharing this. It's about, you know, $48,000, $49, $50 a month.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“That's why it favors folks who can be a multi stage investor. I remember investing in Peloton at about a billion dollar valuation. Today it's over $30 billion. So even a billion dollar valuation, it was a hard round. A lot of smart people passed because of valuation and because you were still mostly a hardware business, at least perceived to be so. Hardware business back then, it was hard to get that realm done. But, you know, obviously a lot happened since that made people realize that it's a subscription business, this COVID and growth accelerated. So whether you're investing early, mid or late, you still have to pick correctly. It's still about picking the rising tide and picking the best player in that. It sounds simple, but it's really hard to do when you're deep into analyzing a company and trying to figure out what are the early signals that can indicate that this is a rising tide and the inflection point of growth is just right around the corner. And the judgment call involves in the guts to make that call is what makes this job extremely interesting and rewarding.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the first two years of that company, when there's not enough progress yet, but people excited about the sector and excited a team will keep on doubling down. Again, we were dealing with venture business that's based on returns driven by hits. So the ones that do make it, if you events early enough, have enough ownership in them. We'll more on that make up for the mistakes that inevitably come with that territory. But the ones that end up doing well, those companies have massive, massive outcome. I invested in some of the companies at $100 million valuation. When they become $5, $10, $20, sometimes even $100 billion valuation, it really doesn't matter what I'm to the rest of her portfolio. That's the reality of the business we're in.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's an excellent question. And this year in particular, we do see fundraising around happening almost every two months for some of the companies. And you're involved with a few yourself so you understand what that means. And when that happens, short term, it does create a lot of excitement, medium terms, some of the companies are not going to make it. Some of the funds are not even going to make it. Longer term, you will see that the ones that do survive end up thriving. One of the key lessons that I learned as a multi-stage investor over my career is that the best companies are always going to be expensive every single round. And if you're going to have to overpaid them at a time of investment, the growth is going to be fast and they will make up for the high valuation later with Gain Growth. You might have overpaid them early rather than late because being earlier, you have a chance to make more as a result. So if you believe that and many funds like the funds you know of, do subscribe to philosophy, you're going to see the highest concentration of value inflation at the early stage, exactly the era you're investing.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Two years after I left Stanford, Netscape went public. And never forget sitting, it was in New York and was working for an investment bank kind of job that people try to get after college and see this Netscape company with worth billions of dollars and only 18-year track record and had a loss making P&L. It was like. Going on as well. And that kind of proximity to tech really changed and shaped how I ended up where I am today. I was just getting that appreciation of what tech can do in a way that's so abnormal and different and such an outlier.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“I was born in Taiwan and I came to the US specifically in Los Angeles when I was 13 years old. So I did my middle school and high school in the LA. And when it comes to going to college, in hindsight, very fortunate to choose to go to Stanford. And I was on Stanford campus putting 89 ninety three. 93 is a special year, as everyone knows, the launch of the Netscape browser. Seeing some of my classmates end up going to Yahoo, end up going to Netscape, and I'm going to some other internet startups. It's kind of like what you see with crypto today. And you just see, wow, anything's possible.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, of course. It's a pleasure. And it's amazing what you have done in the last five years as well. So, congratulations to you. Kudos to what you have, Chief. Appreciate that, but I want to stall.”
2021-09-20 · The Twenty Minute VC · 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital · IDENTIFIED FROM THE TRANSCRIPT · source